Probe Gold Inc. Raises $45 Million for Novador Project and Exploration Advancements
- Probe Gold Inc. raised $45.3 million through a bought-deal private placement to advance its gold exploration projects.
- Funds will primarily support the Novador Gold project and enhance exploration across various properties in Québec.
- The company holds significant gold resources, with 6.7 million ounces Measured and Indicated, reinforcing its growth potential.
Probe Gold Inc. Secures $45 Million for Strategic Advancements in Gold Exploration
In a significant development for Probe Gold Inc. (TSX: PRB), the company successfully concludes an upsized bought-deal private placement, raising gross proceeds of $45,275,000. This financing effort includes the sale of 6,250,000 flow-through common shares at $3.24 each, yielding $20,250,000, alongside 13,750,000 common shares priced at $1.82 per share, contributing another $25,025,000. These funds are earmarked primarily for propelling the Novador Gold project forward, bolstering exploration endeavors across various properties in Québec, and supporting general working capital needs.
The Novador Gold project stands at the forefront of Probe Gold's strategic initiatives, with plans anticipating an average annual gold production of 255,000 ounces over a projected 12.6-year mine life. This ambitious production goal underscores the company's commitment to leveraging its extensive landholdings, which encompass approximately 1,835 square kilometers of gold exploration territory in Québec. The recent funding will not only enhance the operational capabilities at Novador but also facilitate exploration activities aimed at uncovering additional resources in the region.
In addition to the Novador project, Probe Gold's Val-d’Or properties are noteworthy, boasting substantial gold resources totaling 6,728,600 ounces in the Measured and Indicated category, alongside 3,277,100 ounces classified as Inferred. The company’s robust mineral resource base reinforces its position in the gold exploration sector and provides a solid foundation for future growth. The successful completion of this private placement, organized by a syndicate led by Canaccord Genuity Corp. and supported by Beacon Securities Limited and Scotiabank, reflects strong investor confidence in Probe Gold’s strategic vision and operational execution.
The securities issued in this offering are subject to a four-month hold period under Canadian securities laws and have not been registered under U.S. securities regulations. This stipulation underscores the importance of compliance in financial transactions within the mining sector.
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